The Royal Canadian Mounted Police will commence a criminal investigation into Nortel Networks’ financial accounting. These matters have been the subject of an ongoing review by the RCMP. Nortel Networks said it would continue to cooperate with investigators. http://www.nortelnetworks.com
- In May 2004, Nortel Networks received a Federal Grand Jury Subpoena for the production of certain documents, including financial statements and corporate, personnel and accounting records, that were produced from January 2000 to date.
- In April 2004, Nortel Networks named William Owens as its new president and CEO, replacing Frank Dunn, who was dismissed “for cause.” Nortel Networks also fired its former chief financial officer, Douglas Beatty, and former controller, Michael Gollogly, both of whom had been placed on paid leave of absence by Nortel Networks on 15-March-2004. Four other individuals who were senior line of business finance executives were also placed on leave of absence.